Loblaw to support grocery code of conduct, cottage finances and Saskatchewan’s soaring rents: Business and investing news for May 19

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Getting caught up on a week that got away? Here’s your weekly digest of the Globe’s most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more.

Loblaw agrees to support grocery code of conduct

Loblaw Cos. Ltd. said Thursday its ready to sign Canada’s grocery code of conduct – if its competitors sign as well. The announcement comes after years of fractious negotiations and opposition from Loblaw and Walmart Canada, which is still holding back on an agreement to sign on. Loblaw chief executive officer Per Bank said the self-regulatory scheme cannot move forward without cross-industry support, Susan Krashinsky Robertson reports. The code, which gained momentum in 2020, seeks to improve fair dealings between larger grocers and their suppliers. But will it make a difference to the cost of food for average Canadians? Akrit Michael explains.

Ottawa, Washington join forces to fund junior Canadian critical-minerals companies

Ottawa and Washington have joined forces for the first time to invest in two early-stage Canadian miners. The companies – Ontario cobalt developer Fortune Minerals Ltd. and Quebec graphite explorer Lomiko Metals Inc. – focus on metals that China now dominates. The collaboration is meant to bolster the North American critical-minerals supply chain in the face of an escalating trade war with China, Niall McGee reports. The companies have been awarded about $32.4-million in combined funding, with the Canadian contribution coming from funding for the critical-minerals sector that was unveiled in the 2023 federal budget.

Canada’s population growth picks up steam in first few months of 2024

So far in 2024, Canada’s population growth seems to be picking up steam. According to Statistics Canada’s Labour Force Survey, the population aged 15 and older rose by roughly 411,000 over the first four months of the year – up nearly 50 per cent from the four-month-start in 2023. Matt Lundy reports that Canada is experiencing its fastest population growth in decades, largely fuelled by the arrival of temporary workers and students. The population grew by nearly 1.3 million last year, or 3.2 per cent, the quickest pace since the late 1950s. But things will likely change in the fall when Ottawa’s limits on temporary residents comes into effect.

The financial pros and cons of cottage ownership

During the pandemic, people rushed to buy pieces of paradise in cottage country. But, since then, much has changed. Many cottage owners, still reeling from high inflation and soaring interest rates, are feeling financially stretched. Some say cottage life is financially and practically unsustainable. Others say they’ve discovered a new way of life. Plus, the onset of capital gain increases complicates the matter even more. Irene Galea and Salmaan Farooqui spoke to nine Canadians who reside in cottage communities across the country about their experiences – both good and bad.

Ex-CEO Glenn Chamandy finds his record scrutinized as Gildan’s shareholders mull leadership change

The leadership battle at Gildan Activewear Inc. is gearing up as shareholders get ready to pick a side at the company’s annual general meeting on May 28. They must decide whether ex-CEO Glenn Chamandy is the right man for the future. But amidst the drama is the story of how it’s possible for the company to make T-shirts and sell them wholesale for $1 a piece. Last year, Honduras’ Supreme Court of Justice determined that Gildan had violated the country’s labour laws and ordered the company to rehire five workers who had been unlawfully terminated years earlier. Robyn Doolittle, Nicolas Van Praet and Andrew Willis spoke to one of the five workers, Rosa Dalila López Corea, about her experience and the company’s labour practices abroad.

Saskatchewan is the new frontier of soaring rents in Canada

It’s no secret that rents are soaring all across Canada, but one province stood out in April for its particularly massive increases – Saskatchewan. According to a report by real estate research firm Urbanation and rental platform Rentals.ca, the province had the steepest annual rental growth in April. The report found that landlords in Saskatchewan were asking 18 per cent more on average compared with the same month a year earlier. The average rent for a one-bedroom unit in Regina was up nearly 15 per cent year-over-year and up more than 8 per cent in Saskatoon. The No. 1 spot had, until recently, belonged to Alberta, Erica Alini reports.

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